Turo Calculator: 2 Ways To Easily Estimate Your Earnings
Turo is a car rental marketplace where individuals rent cars from other individuals.
Think of it like Airbnb but for cars.
For renters, this can be a more flexible and affordable alternative to the big rental car companies.
For car owners, Turo is a great side hustle for making extra money when you are not using your car.
Turo is a great way to make passive income, especially if you are frustrated at seeing your car sit around unused.
But before you decide to list your car and become a Turo host, you want to know your potential profits.
Luckily, renters can use a Turo calculator, or“Carculator,” that estimates potential profits for you.
So let’s get into the basics of how Turo works and then learn how car owners can calculate their possible earnings.
How Does Turo Work?
Whether you want to make a profit or offset your vehicle costs (car payment, deductibles, etc.), Turo is a flexible way to make extra money from your car.
And Turo’s secure marketplace, which relies on user reviews, has a trusted community of more than 14 million people.
You can read Turo’s guide on getting started to learn the complete details about how to become a successful host.
What Is a Turo Calculator?
Turo provides a calculator, what it calls a “Carculator,” that helps calculate your potential earnings as a Turo host when you rent out your car.
After inputting the make, model, and year of your vehicle, you can get an estimate on how much money you could be making.
It is worth noting that Turo’s Carculator only works for select cities in the United States and Canada.
If your city is not listed, you can choose the average calculation.
How Does the Turo Calculator Work?
The Turo Carculator uses data from your market area to determine a daily price for your car.
The Automatic Pricing algorithm takes into account your vehicle’s make and the demand in your location.
It will then give you a price.
The Turo Carculator assumes your vehicle will be available for the average number of days and that you will fulfill every request.
The calculator also assumes the host chooses the 70 plan, in which Turo keeps 30 percent of the daily price to pay for insurance coverage and other operational costs.
There is an option in the tool to decide whether renters pick up your car or you drop it off.
According to Turo, cars dropped off to the renter get booked much more often than those picked up by the renter.
Turo Calculator Options
The Turo Carculator is no doubt the fastest and simplest way to calculate your potential income.
But because it makes assumptions, some of the data might not be accurate to your situation.
In that case, it might be better to use a third-party Turo calculator that allows you to personalize many of the data fields.
Factors such as your personal insurance cost, reimbursements from the government, gas prices, and many others are customizable.
An Overview of the Fees Turo Takes from Drivers
When renters book a car through the Turo app, Turo charges various rental fees to protect the driver and host.
These fees depend on the specific circumstances of the proposed rental agreement, such as the vehicle and protection plan you choose.
For a more general outline of Turo rental car pricing, read this article on car types and pricing information.
But the information below covers the most common fees charged by Turo.
The Fees Turo Charges
In addition to the trip price (the daily cost times the trip length), Turo also takes some extra fees from the drivers.
These will be itemized on the Turo app checkout screen and can include the following:
- Trip Fee: This is a small charge — a percentage of the trip price — calculated at checkout.
- Protection Plan: Liberty Mutual provides Turo’s insurance protection plan. The three plans are the minimum plan, standard plan, and premier plan in order of increasing cost.
- Young Drivers Fee: This fee pertains to drivers age 18-25 in the U.S. or 18-24 in Canada and the United Kingdom.
- Delivery: The delivery fee is a single fee the Turo host sets. It covers the drop-off and pick-up for the car rental.
- Extras: These optional add-ons to your trip vary in price. Extras range from convenience items such as unlimited mileage to useful gear, including picnic baskets and bicycles. Hosts set the prices for extras.
- Security Deposit: This deposit is applied when you book a high-value vehicle. Specific circumstances require a security deposit, such as renting a Deluxe Class car while younger than 30 years old, which the host or Turo cannot waive.
- Taxes: There will be tax applied to your purchase depending on the state where your trip begins and ends. In Canada, Quebec also requires a sales tax to be collected.
How Turo Calculates Trip Fees
How Turo calculates the trip fee is a mystery.
The pricing, calculated at checkout, changes depending on the cost and other factors.
The car’s value, the length of the booking, and how far in advance the reservation is made are all factors that affect this fee.
Alternative Ways to Price Your Turo Rental
Turo’s Automatic Pricing algorithm is probably the most reliable way to find a reasonable price for your vehicle.
The Turo Calculator will do a pretty good job of estimating costs.
It constantly adjusts the price to meet the demand in your area so you take home the most money.
But you can opt out of this algorithm and manually set your price whenever you want.
The Turo Carculator is a start, but there are a few other ways to price your rental.
1. Browse Turo for Similar Listings
Browsing Turo for similar listings is a must.
Viewing the same car models and locations will give you a rough idea of what price is reasonable.
From there, you can adjust when needed.
While the Automatic Pricing algorithm keeps you competitive, manually setting the price might help you beat the competition.
Since the demand for cars is constantly changing, there is no guarantee with this method.
But in general, it gives you an idea of what prices are competitive.
2. Browse Similar Offerings on Hyrecar
Turo is not the only peer-to-peer car rental marketplace.
So if you want to price your Turo rental in the most competitive way, browse similar offerings from another company such as Hyrecar.
Suppose the Automatic Pricing algorithm is pricing your car too high compared to similar listings on Hyrecar.
In that case, you might consider lowering your price to be more competitive with the other car rental companies in your area.
The Highest Earning Cars on Turo
The exact amount your car earns on Turo depends on many factors.
According to Turo’s data on more than 6 million bookings, several car models consistently make the most money in comparison to their average monthly payments.
You can use the Carculator to learn the specifics of your vehicle, but the following models are among the highest-earning cars on Turo:
- Jeep® Wrangler
- Fiat 500
- Ford Fiesta
- Smart Fortwo
The above models have a lower average car payment, making them profitable.
But in terms of the highest pricing, you can also find luxury models such as Tesla, Mercedes, Porsche, and BMW going for the highest prices.
And the highest prices overall are in cities such as Los Angeles and San Francisco, where the demand for cars is among the highest.
Related: What are the best cars on Turo?
Frequently Asked Questions
Every situation is unique, and even if you used the Turo calculator to estimate your earnings, you probably still have some questions about whether or not Turo will work for you.
Is Renting Cars on Turo Profitable?
In terms of making a profit from Turo, the best car depends on your specific model and your specific car payment.
It also depends on how much of your car’s trip price you are giving to Turo.
There are five third-party liability insurance plans you can choose (offered through Liberty Mutual).
For example, the 60 plan means you keep only 60 percent of the trip price but have zero deductible.
And while the highest plan, the 85 plan, is the most profitable, it also means a high deductible.
If your car becomes damaged on the 85 plan, you are responsible for a $2,500 deductible.
It is worth reading through the chart of U.S. host protection plans before deciding what is most profitable for you.
How Much Can You Make with Turo?
According to the data on Turo’s website, the average car brings in an annual income of $10,516.
This money can easily offset the cost of owning a car.
But the exact amount will vary depending on your car model and location, which is why the Turo calculator is worth using.
If you are looking to scale up your operation from a side hustle into a legit business, you can add more cars into your fleet.
Nine cars provide an average annual income of $94,642.
Is Turo Worth It for You?
This question doesn’t have one answer for everyone.
If you only have one car and often need it, you’re probably better off not using this rental service.
If your vehicle is not available for most of the month, it probably won’t be worth the headache.
But if you are frustrated at seeing your car sit around unused and you have car expenses, Turo can be a great way to offset those costs.
Turo Vs. Getaround: Which Is Better?
There are many peer-to-peer car rental companies, but Turo and Getaround are two of the most popular.
Renters can read this breakdown comparing the two services, but there are different pros and cons for hosts.
One pro of Getaround is that it eliminates the need for keys.
A device installed in every vehicle connects to the Getaround app, eliminating the need for delivery.
But Getaround is only available in select U.S. cities, while Turo is available almost anywhere in the U.S. and Canada (and even in the U.K.).
This wider availability makes Turo a much better option.
Toru can be a great side hustle if you own a car that doesn’t get used a lot.
You can offset some of your vehicle’s expenses or even make a profit from renting out your car. Certain cities have an exceptionally high demand.
So if peer-to-peer car renting seems right for you, be sure to use the Turo Carculator to find out just how much money you could make.